March 5, 2008 / 10:18 PM / 11 years ago

UPDATE 2-Toronto stock index climbs on oil, gold highs

(Updates with official closing numbers, adds details)

TORONTO, March 5 (Reuters) - The Toronto Stock Exchange’s main index rallied strongly on Wednesday, buoyed by robust resource issues as oil and gold prices hit record highs.

The S&P/TSX composite index .GSPTSE officially closed up 126.51 points, or 0.9 percent, at 13,603.32.

Overall, six of the TSX index’s 10 main groups were up, with the materials group 2.3 percent higher, and energy rising 2.0 percent.

The gold producers subindex, part of the materials group, jumped 10.8 percent as bullion hit a record near $1,000 an ounce on Wednesday, boosted by strong oil and a record low U.S. dollar.

In Toronto, Kinross Gold (K.TO) rose C$1.19, or 4.8 percent, to C$26.05, and Goldcorp (G.TO) was up C$1.41, or 3.3 percent, at C$43.88.

Oil prices hit a record near $105 a barrel on Wednesday as OPEC decided to maintain output levels and data showed a sharp draw in U.S. crude inventories.

Canadian Natural Resources (CNQ.TO) closed C$1.50, or 2 percent, higher at C$76.45. Talisman Energy TLM.TO was up 67 Canadian cents, or 4 percent, at C$17.62.

Toronto’s key index gained more than 170 points early in the day before losing some traction as the banking sector reversed course amid disappointment over a capital raising plan from U.S. bond insurer Ambac Financial Group.

Canadian Imperial Bank of Commerce (CM.TO) fell 84 Canadian cents, or 1.3 percent, to C$64.35. Bank of Montreal (BMO.TO) was down C$1.87, or 4 percent, at C$45.02, extending its slide after it reported weaker-than-expected earnings on Tuesday.

The telecoms sector ended 0.5 percent higher despite a 3.7 percent, or C$3.82, fall in heavyweight Research In Motion RIM.TO to C$100.43.

$1=$0.98 Canadian Reporting by Natalie Armstrong; Editing by Peter Galloway

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